Is The Naples Real Estate Market Finally Finding Its Balance?
For the last several years, the Naples real estate market has had a habit of favoring one side or the other. October may be giving us something a little less dramatic—and probably a lot healthier.
Through the end of October, 9,773 properties closed in Naples and Bonita Springs, up 12% from the same period last year. Sales were higher in every price range we track, including gains of 19% from $1 million to $3 million and 22% above $3 million.
One number really stood out: of the 1,042 additional sales recorded this year, 426 came from properties priced above $1 million. The improvement is not limited to one small corner of the market.
Inventory is also rebuilding as we head into season. As of November 2, there were 5,536 properties available, compared with 4,927 one month earlier. That increase is not particularly surprising. The snowbirds are returning, restaurant reservations are getting harder to find and apparently For Sale signs are seasonal too.
Overall supply increased from 5.2 months to 5.8 months, putting most of the market close to the six-month level commonly used as a rule of thumb for balance. The exception is the $3 million-plus segment, where buyers have 10.3 months of supply even though sales remain 22% ahead of last year.
